Haynes International, Inc. HAYN declared that membership of the United Steelworkers Local 1505 has ratified a five-year agreement that covers bargaining unit employees at the company’s Arcadia, LA facility.
Haynes stated that this new bargaining agreement was a successful negotiation process involving significant efforts by the company as well as the local union. With this agreement in place, the company aims to continue striving toward building a strong future.
Founded in 1912, Haynes makes corrosion-resistant alloys for aerospace, chemical processing, gas turbine and other industries. It specializes in manufacturing nickel and cobalt-based alloys in sheet, coil and plate forms. The company has a diversified customer base and markets its products through its direct sales organization as well as independent distributors and sales agents.
Last month, the company reported financial results for the fourth quarter and fiscal year ended Sep 30, 2015. Net income in the fourth-quarter fiscal 2015 was $5.8 million, down around 9.4% from $6.4 million in the year-ago quarter. For fiscal 2015, the company’s net income came in at $30.5 million, an eight-fold increase from net income of $3.8 million in fiscal 2014.
Net revenues were $117 million in the fourth quarter, down 2.6% from $120.1 million in the year-ago quarter. Net revenues were $487.6 million in fiscal 2015, up 7.1% from $455.4 million in fiscal 2014, backed by higher average selling price per pound.
Haynes currently holds a Zacks Rank #4 (Sell).
Some better-ranked stocks in the basic materials space include Coeur Mining, Inc. CDE, Nevsun Resources Ltd. NSU and Rare Element Resources Ltd. REE, all carrying a Zacks Rank #2 (Buy).
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